Do you want to start trading in the financial markets but don’t know where to start? Don’t worry, this article is for you! The first step is to choose the right broker, protect yourself in every way from fraudulent broker schemes. Choosing a suitable and professional trading platform is the second step in your journey to become a trader.
Open a free Live MT5 account
Open Free MT5 Demo Account
And here our suggestion is to trust the MetaTrader 5 trading platform – one of the two most used trading platforms in the world. And we will show you how you can open a MetaTrader 5 account and start trading with virtual or real money. What you choose depends only on you, as a trader.
Starting to trade with the MetaTrader 5 trading platform, whether it is a real or a demo account, requires two main elements. The first is to install the trading platform to trade forex and the second is to register and set up your trading account to trade in MetaTrader 5.
But let's start a little further.
What is MetaTrader 5 and what are its benefits?
The MetaTrader 5 (MT5) platform, created and provided by MetaQuotes Software Corp, is one of the most popular trading platforms that has been available as a trading terminal for over ten years. You can install it completely free of charge. Before we do that, you should know what you can use the MT5 (MetaTrader 5) platform for.
MetaTrader 5 is a trading platform for Forex and CFD trading as well as financial market analysis. It provides traders with a fast, secure and reliable way to trade. It is an upgraded platform compared to its previous versionMetaTrader 4.
Which trading software should I choose?
MetaTrader 5 is the best choice for those who want to start trading for the first time with a demo account. It is professional, reliable and has been proven over time in the global forex trading community.
The trading platform offers many advanced features such as:
1. Detailed technical analysis of prices with over 50 technical indicators
2. Ability to "open orders quickly" using the one-click trading terminal
3. Real-time price display of currency pairs, for a better real-time trading feel The chances of using the MT5 platform later on when you have gained knowledge and confidence are high. So, you will save time and effort if you use this platform during your training.
Another attractive feature of the MetaTrader 5 trading software is that it is provided free of charge to brokers to use. In other words, you have nothing to lose by creating a demo account.
MetaTrader 5 - the key to successful demo trading (demo account)
Once you have chosen the best Forex simulator, you need to determine what goals you want to achieve before moving on to real trading. Whatever they are, remember – be careful about overtrading on your demo account. Many traders have difficulty transitioning from a demo account to a live account.
In reality, the choice is yours. Simply create your own rules and criteria for moving from a demo account to a real account. For example, to achieve a monthly return of 3% or a profit of $100 for three consecutive months without any losses or any other way that you think would work for you.
Whether you are using a Forex and CFD trading simulator or a live account, don’t be afraid to fail. Losses are common for traders, especially those who are just starting out in their trading career. Fortunately, with a demo account, your losses are only on paper.
There are many traders who “stumble” somewhere along the way, but still end up making significant profits in the long run.
Jesse Livermore, for example, became a true legend in the trading world, known for his successful short bets during the crash of 1929. However, his success was not limited to his career. Livermore went bankrupt three times
but also became a Wall Street legend, amassing a fortune of $100 million from speculative trades.
Not every trader’s story is as dramatic and exciting as Livermore’s. However, if you are afraid of failure, you can easily and risk-free practice your investing skills with a forex trading simulator that is suitable for forex and CFD trading. Before venturing into professional forex trading, it is important to gain knowledge and experience, preferably without losing real money. You can practice everything you learn on a demo account. It is important to evaluate the success or failure of each trade and learn from your mistakes. Last but not least, watch how legendary traders trade and learn from their experience. Before putting your strategy into practice, it is almost mandatory to test it on a demo account.
How to Start Real Trading with MetaTrader 5
To start real trading with MT5, you need to follow these four simple steps:
1. Download MetaTrader 5;
2. Install MetaTrader 5 platform;
3. Open your trading account with a broker;
4. Log in to the MetaTrader 5 platform using the data received for your real trading account.
Let's go through these four steps in a little more detail.
Step 1: Download the MetaTrader 5 platform
Simply visit the MetaTrader 5 Download page and click on the link that corresponds to the device you are using. If you are using a desktop or Mac, download the software to your computer and complete the installation. If you are using a mobile device, simply download and activate the appropriate application. For Apple devices, download the iOS application from the Apple App Store. For Android devices, download the MetaTrader for Android App from the Google Play Store, where you also download other mobile applications.
Step 2: Install the MetaTrader 5 platform
Once you have downloaded the MetaTrader 5 platform on your device, start the installation process. Once the installation is complete, you can launch the platform by double-clicking on the icon created for the platform.
Step 3: Open your trading account on the MetaTrader 5 platform
Next, you should see how to open a MetaTrader account. And even though you have installed the MT5 platform on your device to actually trade, you still need to connect it to the server of the broker you have chosen.
Note that you cannot open a real trading account right away in the MetaTrader 5 terminal itself. Instead, you need to open an account with a forex broker.
If you are wondering how to register an account with one of the brokers that offers MetaTrader trading software, the easiest way is to visit the MetaTrader 5 Live Account Registration page of one of the leading brokers. Use your email and password to register on the broker's website.
When you open a trading account with a broker that offers the MetaTrader platform, they will provide you with the credentials needed to log into your MT5 trading account.
This includes:
● Username
● Your transaction password
● Your investor password
● Name of the server to choose
Once you have opened a live trading account in MetaTrader 5, the next step is to log in using your account details.
Step 4: Log in to your MetaTrader 5 account
In fact, the process of importing your trading account is to connect the broker of your choice, where you open the account, with the MetaTrader 5 trading platform.
When you run the installed MetaTrader 5 platform for the first time, you will need to enter your account details. You will only need to enter your account number (ID number) as well as the password provided to you. However, please note that you must enter the trading password and not the investor password as the latter is only for monitoring your account and you will not be able to trade. Also, make sure to select the correct server to log in.
If you’re wondering what your investor password does, the answer is simple. It allows you to view your account balance, open orders, and asset prices in real time – but not the ability to trade.
This allows third parties to monitor the account but not have the ability to trade and interfere with the account. This is convenient when it comes to money management.
Using MetaTrader 5 as Forex Software for Backtest
It would not be an exaggeration to say that MetaTrader 5 forex software is the best software for Forex Backtesting. It is a safe and time-proven e-commerce software product and the most popular choice among the investment community.
MetaTrader 5 is a popular and widely used forex software for testing currency strategies, thanks to the built-in Strategy Tester option. Of course, also because the platform is free to use.
However, remember that no strategy will be successful if you do not choose the right and reliable broker. Not all brokers are the same, so it is best to open an account with a broker that is regulated by the Financial Conduct Authority (FCA and FSA).
This way you will have a real guarantee that you will be able to make money from your profits from the profitable strategy deployed after forex strategy backtesting.
MetaTrader 5 - the best automated trading software
As a Forex trader, you probably know that trading the Forex and CFD markets can be extremely tiring, especially if something goes wrong. Traders are very
susceptible to psychological factors that affect their trading decisions and results.
However, many traders want to avoid these "psychological traps" in trading. And in this direction, many of them are looking for the "Holy Grail" in investing - how to create an automated trading strategy (expert system) that avoids them.
In today’s forex market, there is a sea of choice for traders, both in terms of forex and CFD brokers and trading platforms to choose from. Each trading platform has its own advantages and disadvantages when it comes to creating automated forex trading strategies.
The main function of automated forex trading software is to operate without the need for human intervention in making trading decisions. They scan the forex and CFD markets and make trading “decisions” based on pre-set trading criteria and conditions.
In general, automated forex trading strategies (expert systems) only work when your computer is on and you have an internet connection. You can be at work, on vacation, or anywhere without having to be in front of your computer 24 hours a day, five days a week to make money. Or at least that is the idea behind automated forex trading software.
If you are using MT4, you will love the MT5 supreme version.